The bubble burst: Apple Q2 2016 revenue and device sales are down

Apple just reported its earnings for Q2 2016, and everything from revenue to device sales is trending down right now. This comes after an incredible run that saw the company produce the best fiscal quarter of any company, ever.

The company sold fewer iPhones, iPads and Macs versus both last quarter and the same quarter last year. Revenue is also down; Apple reports $50.6 billion this quarter, which is about $7.5 billion less than this time a year ago, and about $25 billion off from last quarter.

Apple CEO Tim Cook wrote “Our team executed extremely well in the face of strong macroeconomic headwinds. We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”

For the third quarter of 2016, Apple is advising that revenue will be even lower — $41-43 billion.